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Concerns arise over Cardi B’s account promoting the WAP meme token amid hacking fears and skepticism about celebrity cryptocurrency endorsements.
Key Notes
Cardi B's official X account shared a video promoting the WAP meme token, raising alarms about potential hacking issues.Blockchain security firm PeckShield warned users to be cautious when interacting with links related to the WAP token.Celebrity-backed cryptocurrencies, including WAP, have sparked skepticism among investors due to past scams and pump-and-dump schemes.American rapper Cardi B’s official account on X recently shared a video promoting a meme token called WAP, raising eyebrows due to potential hacking concerns. Blockchain security firm PeckShield warned that Cardi B’s account might have been compromised, advising users to exercise caution when interacting with any links or addresses in the post.
Her name is $WAP 🐾💦
CA:Bz7vVzQhm2KMW1XgcrDruYega1MiwrAs1DQysrx4tFkp pic.twitter.com/BDvJqeqh0u
— Cardi B (@iamcardib) October 7, 2024
The WAP token, likely inspired by Cardi B’s popular song of the same name, was launched on Monday, complete with its official website and X account. This new account posted a video showing Cardi B endorsing the WAP token in response to fellow artist Iggy Azalea, who had previously introduced her own token, MOTHER, and accused WAP of being a scam.
Typically, when celebrity accounts are hacked, fraudulent promotional posts for tokens are swiftly removed. However, the promotion of the WAP meme coin remained on Cardi B’s account for over eighteen hours after its initial posting. The account later shared another post featuring Cardi B’s image, which appeared unrelated to the meme token.
A crypto scam detector on X, with the name”Crypto Rug Muncher”, which has over 20,000 followers, revealed that the official website for the WAP token is connected to the Instagram account of another rug pull project ANDY.
Despite concerns that the project might be a scam, a user named “sarah milady” claimed to have turned $700 into over $130,000 by trading the WAP token.
As of the time of writing, the WAP token boasts a market capitalization of $24.9 million, according to Dexscreener, with the price at $0.0002015.
Should this event later emerge as a hack, it would fall into the category of celebrity accounts that have been hacked to promote a series of fake tokens to scam investors.
Potential Risks and Concerns with Celebrity-Endorsed Meme Tokens
Moreover, there have been numerous celebrity meme coins launched this year, which initially sparked excitement among crypto users. However, many of these tokens have failed to progress, resulting in widespread skepticism regarding the genuineness of these projects.
Some influencers have supported certain meme coins, which often turn out to be part of a pump-and-dump scheme, ultimately harming their followers. A crypto trader named Xking332 on X expressed his disapproval of popular crypto influencer Ansem, stating that he has a history of promoting unreliable or fraudulent projects, such as the $DAVIDO token and now the WAP token.
Popular meme coin promoter Sahil Arora faced backlash when Caitlyn Jenner accused him of running pump-and-dump schemes with her meme token, which led to his ban from X in June. At the time of writing, the WAP promotion is still on Cardi B’s X page, and she has yet to deny or confirm whether she endorsed the meme coin.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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Temitope is a writer with more than four years of experience writing across various niches. He has a special interest in the fintech and blockchain spaces and enjoy writing articles in those areas. He holds bachelor's and master's degrees in linguistics. When not writing, he trades forex and plays video games.
